At 2:15 today the Federal Reserve announced that they will be lowering the discount rate a quarter bringing it to 5 percent & the funds rate down a quarter bringing it to 4.5 percent. These quarter rate cuts came after the gross domestic product results came in higher than expected.
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135 foreclosures last month may not sound like a lot, but given Hawaii’s size it’s devastating. Amounting to one filing for every 3,638 households for Hawaii.
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Today is the last day of the Federal Reserve meeting where the Fed is still expected to lower rates despite unexpected signs of strength in the economy.
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Today BankAtlantic’s shares fell 13 percent adding to Friday’s 38 percent sell off. The stock is currently trading down 70 percent since the start of the year due to the problems in the Florida mortgage market.
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Previously we had about a fifty fifty verdict as to whether or not the Federal Reserve will cut rates come this Wednesday, but it seems now more people are leaning towards a quarter rate cut.
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Frederick Mishkin, board member of the Federal Reserve since September 2006, stated at a meeting on Friday that the reason for the market problems that we have been experiencing is because of asymmetric information. Mishkin’s explanation of the market was much of the same information we heard from Randall S Kroszner’s speech about the housing market on the 22nd, another board member of the federal reserve.
Angelo Mozilo, Countriwide Financial’s CEO, confirmed today that the US Securities and Exchange Commission has opened an informal inquiry into his stock sales.
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In a meeting Monday morning at the Institute of International Bankers Annual Breakfast Decalogue in Washington D.C. Kroszner discussed an overview of the market, what happened and what needs to happen.
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Issues with “affordable housing” in Sussex county will be addressed at the annual Sussex County Today and Tomorrow Conference, Wednesday October 31st at the Delaware Technical & Community College.
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While much of the nation has experienced large drops in prices and an over abundance of homes remaining on the market, Milford Connecticut has only experienced a mild decline in housing values.
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